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WTI crude holds above $84 as oil resistance builds near $86.50
The report notes WTI formed a base above $80.50 and points to $83.50 as a key support level on pullbacks.
WTI crude oil prices have moved higher after forming a base above $80.50 against the US dollar, with the market trading above the $82.50 resistance and settling above the $84.00 level, according to Action Forex.
On the 4-hour XTI/USD chart, oil is holding above the 100 simple moving average and the 200 simple moving average, and the analysis also highlights a move above the 50% Fibonacci retracement of the decline from a $93.90 swing high to a $74.42 low.
The upside view in the technical note flags resistance at $86.50 and the 61.8% Fibonacci retracement level, followed by potential resistance near $87.80. A close above $87.80 could be a trigger for a move toward $89.30, the analysis says.
For downside risk, the report identifies $84.00 as a first pullback area, with major support near $83.50, then $82.20 and $81.20, where a close below could push prices toward $80.00 and the 200 simple moving average. Further losses could open the door for a move below $76.50, the note adds.
Latest closeWTI crude $95.27 ▲3.4%